Commission Implementing Regulation (EU) 2020/744 of 4 June 2020 on amending Implementing Regulation (EU) 2016/1800 laying down implementing technical standards with regard to the allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC of the European Parliament and of the Council (Text with EEA relevance)

ANNEX
ANNEX
‘ANNEX
Allocation of credit assessments of external credit assessment institutions to an objective scale of credit quality steps in accordance with Directive 2009/138/EC
Credit quality step
0
1
2
3
4
5
6
ACRA Europe a.s (formerly European Rating Agency a.s.)
Global long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Global short-term rating scale
S1
S2
S3, S4, NS
AM Best Europe-Rating Services Ltd.
Long-term issuer credit ratings scale
aaa
aa, aa-
a
+
, a, a-
bbb
+
, bbb, bbb-
bb
+
, bb, bb-
b
+
, b, b-
ccc
+
, ccc, ccc-, cc, c, d, e, f, s
Long-term issue ratings scale
aaa
aa, aa-
a
+
, a, a-
bbb
+
, bbb, bbb-
bb
+
, bb, bb-
b
+
, b, b-
ccc
+
, ccc, ccc-, cc, c, d, s
Financial strength ratings scale
A
++
, A
+
A, A-
B
++
, B
+
B, B-
C
++
, C
+
C, C-, D, E, F, S
Short-term issuer ratings scale
AMB-1
+
AMB-1-
AMB-2,
AMB-3
AMB- 4, d, e, f, s
Short-term issue ratings scale
AMB-1
+
AMB-1-
AMB-2,
AMB-3
AMB- 4, d, s
ARC Ratings S.A.
Medium and long-term issuers rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Medium and long-term issues rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Short-term issuers rating scale
A-1
+
A-1
A-2, A-3
B, C, D
Short-term issues rating scale
A-1
+
A-1
A-2, A-3
B, C, D
ASSEKURATA Assekuranz Rating-Agentur GmbH
Long-term credit rating scale
AAA
AA
A
BBB
BB
B
CCC, CC/C, D
Short-term corporate rating scale
A
++
A
B, C, D
Axesor Risk Management SL
Global rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D, E
Banque de France
Global long-term issuer credit ratings scale
3
++
3
+
, 3
4
+
4, 5
+
5, 6
7, 8, 9, P
BCRA – Credit Rating Agency AD
Global long-term ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Global short-term ratings scale
A-1
+
A-1
A-2, A-3
B, C, D
Pension-insurance company long-term scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Pension-insurance company short-term scale
A-1
+
A-1
A-2, A-3
B, C, D
Pension fund long-term scale
AAA pf
AA pf
A pf
BBB pf
BB pf
B pf
C pf
Guarantee fund long-term scale
AAA
AA
A
BBB
BB
B
C, D
Guarantee fund short-term scale
A-1
+
A-1
A-2, A-3
B, C, D
Capital Intelligence Ratings Ltd
International long-term issuer rating scale
AAA
AA
A
BBB
BB
B
C, RS, SD, D
International long-term issue rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
International long-term insurer financial strength rating scale
AAA
AA
A
BBB
BB
B
C,RS, SD, D
International short-term issuer rating scale
A1
+
A1
A2, A3
B, C, RS, SD, D
International short-term issue rating scale
A1
+
A1
A2, A3
B, C, D
International short-term insurer financial strength rating scale
A1
+
A1
A2, A3
B, C, RS, SD, D
Cerved Rating Agency S.p.A.
Corporate long-term rating scale
A
1.1
A
1.2
, A
1.3
A
2.1
, A
2.2
, A
3.1
B
1.1
, B
1.2
B
2.1
, B
2.2
C
1.1
C
1.2
, C
2.1
Creditreform Rating AG
Long-term rating scale
AAA
AA
A
BBB
BB
B, C, SD, D
CRIF Ratings S.r. l.
Long-term issuer rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D1S, D
Long-term issue rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, DS
Short-term issuer rating scale
IG-1
IG-2
SIG-1, SIG-2, SIG-3, SIG-4
Short-term issue rating scale
IG-1
IG-2
SIG-1, SIG-2, SIG-3, SIG-4
Dagong Europe Credit Rating
Long-term credit rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Short-term credit rating scale
A-1
A-2, A-3
B, C, D
DBRS Ratings Limited
Long-term obligations rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Commercial paper and short-term debt rating scale
R-1 H, R-1 M
R-1 L
R-2, R-3
R-4, R-5, D
Financial Strength rating scale
AAA, AA
A
BBB
BB
B
CCC, CC, C, R
Egan-Jones Ratings Co.
Long-term credit rating scale
AAA
AA
A
BBB
BB
B
CCC,CC, C, D
Short-term credit rating scale
A-1
+
A-1
A-2
A-3, B, C, D
Euler Hermes Rating GmbH
Global long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, SD, D
EuroRating Sp. z o.o.
Global long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Fitch Ratings
Long-term issuer default ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, RD, D
Corporate finance obligations – Long-term ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C
Long-term international IFS ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C
Derivative counterparty ratings scale
AAA dcr, AA dcr
A dcr
BBB dcr
BB dcr
B dcr
CCC dcr, CC dcr, C dcr
Short-term rating scale
F1
+
F1
F2, F3
B, C, RD, D
Short-term IFS ratings scale
F1
+
F1
F2, F3
B, C
GBB-Rating Gesellschaft für Bonitätsbeurteilung mbH
Global long-term rating scale
AAA
AA
A, BBB
BB
B
CCC, CC, C, D
HR Ratings de México, S.A. de C. V.
Global long-term rating scale
HR AAA(G)
HR AA(G)
HR A(G)
HR BBB(G)
HR BB(G)
HR B(G)
HR C(G)/HR D(G)
Global short-term rating scale
HR
+1
(G)
HR1(G)
HR2(G)
HR3(G)
HR4(G), HR5(G), HR D(G)
ICAP Group S.A
Global long-term rating scale
AA, A
BB, B
C, D
E, F
G, H
INC Rating Sp. z o.o.
Long-term issuer credit rating scale
AA
A
BBB
BB
B
CCC,CC, C, D
Japan Credit Rating Agency Ltd
Long-term issuer ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, LD, D
Long-term issue ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Short-term issuer ratings scale
J-1
+
J-1
J-2
J-3, NJ, LD, D
Short-term issue credit ratings scale
J-1
+
J-1
J-2
J-3, NJ, D
Kroll Bond Rating Agency
Long-term credit rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Short-term credit rating scale
K1
+
K1
K2, K3
B, C, D
Kroll Bond Rating Agency Europe
Long-term credit rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Short-term credit rating scale
K1
+
K1
K2, K3
B, C, D
modeFinance S.r.l.
Global long-term rating scale
A1
A2
A3
B1
B2
B3
C1, C2, C3, D
Moody’s Investors Service
Global long-term rating scale
Aaa
Aa
A
Baa
Ba
B
Caa, Ca, C
Global short-term rating scale
P-1
P-2
P-3
NP
QIVALIO SAS (formerly Spread Research)
Global long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Global short-term rating scale
SR0
SR1, SR2
SR3, SR4, SR5, SRD
Rating-Agentur Expert RA GmbH
International credit rating scale
AAA
AA
A
BBB
BB
B
CCC,CC, C, D, E
International reliability rating scale
AAA
AA
A
BBB
BB
B
CCC,CC, C, D, E
Scope Ratings AG
Long-term rating scale
AAA
AA
A
BBB
BB
B
CCC, CC,C, D
Short-term rating scale
S-1
+
S-1
S-2
S-3, S-4
S&P Global Ratings
Long-term issuer credit ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, R, SD/D
Long-term issue credit ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
Insurer financial strength ratings scale
AAA
AA
A
BBB
BB
B
CCC, CC, SD/D, R
Mid-Market Evaluation ratings scale
MM1
MM2
MM3, MM4
MM5, MM6
MM7, MM8, MMD
Short-term issuer credit ratings scale
A-1
+
A-1
A-2, A-3
B, C, R, SD/D
Short-term issue credit ratings scale
A-1
+
A-1
A-2, A-3
B, C, D
The Economist Intelligence Unit Ltd
Sovereign rating band scale
AAA
AA
A
BBB
BB
B
CCC, CC, C, D
’
Schedules & Appendices

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